TY  - JOUR
A1  - Huffman, David
A1  - Maurer, Raimond
A1  - Mitchell, Olivia S.
T1  - Time discounting and economic decision-making in the older population
T2  - The Journal of the Economics of Ageing
N2  - This paper examines heterogeneity in time discounting among a representative sample of elderly Americans, as well as its role in explaining key economic behaviors at older ages. We show how older Americans evaluate simple (hypothetical) inter-temporal choices in which payments today are compared with payments in the future. Using the indicators derived from this measure, we then demonstrate that differences in discounting patterns are associated with characteristics of particular importance in elderly populations. For example, cognitive deficits are associated with greater impatience, whereas bequest motives are associated with less impatience. We then relate our discounting measure to key economic outcomes and find that impatience is associated with lower wealth, fewer investments in health, and less planning for end of life care.
KW  - Impatience
KW  - Time preference
KW  - Self-control
KW  - Retirement
KW  - Health
KW  - Insurance
Y1  - 2019
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/77620
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-776208
SN  - 2212-828X
VL  - 14
IS  - 100121
PB  - Elsevier
CY  - Amsterdam
ER  -